Net profit fell to $471 million, or 43 cents per share, from $2.26 billion, or $2.12 per share, a year earlier. MetLife reported $1.1 billion in net derivative losses, mostly due to rising interest rates and changes in foreign currencies.

Excluding items, earnings climbed to $1.44 per share, up from $1.33 a share in the same period a year ago.

Revenue rose to $17.04 billion from $16.79 billion a year earlier.

Analysts were expecting the insurer to report earnings of $1.33 per share on revenue of $17.33 billion, according to estimates from Thomson Reuters.

MetLife, like its peers, is heavily exposed to persistently low interest rates. But it has long had a substantial derivatives program designed to smooth out that risk.